Reinsurance News
Howden forecasts tempered rates for some areas in 2022
7th January 2022
Analysts at Howden are expecting to see “further and accelerated rate tempering in 2022” despite a January 1 renewal period that was largely defined by continued price increases. The broker says higher rates and improved underwriting margins are likely to continue to attract new capital in 2022, although this is unlikely ... Read the full article
Acrisure grows tech platforms with Appalachian takeover
7th January 2022
Fintech firm Acrisure has announced the acquisition of Appalachian Underwriters, a U.S. Managing General Agency (MGA), and U.S. Administrator Claims, a Third-Party Administrator (TPA), in addition to affiliated entities. With a model that encompasses both an MGA and wholesale distribution, Appalachian places more than $400 million gross written premium (GWP) into ... Read the full article
Optio Group acquires Brockwell Capital
7th January 2022
Specialty MGA Optio Group has acquired Brockwell Capital, a Warranty & Indemnity MGA, for an undisclosed sum. The acquisition will boost Optio's expertise in the fields of tax liability and contingent liability and financial lines. Brockwell writes c. $40m (c.£30m) of GWP and is expected to continue its strong growth. All current Brockwell ... Read the full article
Vesttoo names Swiss Re’s Faraz Khan as ILP Product Specialist
7th January 2022
Alternative Reinsurance and Investment platform, Vesttoo has appointed Faraz Khan as an Insurance-linked Program (ILP) Product Specialist. Most recently serving as the Vice President of Insurance Linked Securities and Retro Business Management at Swiss Re Capital Markets Corp, Khan brings over 10 years of experience in risk transfer to the capital ... Read the full article
Guy Carpenter Bermuda promotes Jenni Estis to Managing Director
7th January 2022
Reinsurance broker Guy Carpenter Bermuda, part of Marsh McLennan, has promoted Jenni Estis to Managing Director. Having joined Guy Carpenter in 2002, Estis has previously worked in the Guy Carpenter London office as well as on the North American wholesale team. Her broking responsibility includes servicing retrocessional clients and placing property business ... Read the full article
Lloyd’s releases Product Launchpad
7th January 2022
Lloyd’s has released its new Product Launchpad to further the work of the Product Innovation Facility and enable the Lloyd’s market to keep partnering with Insurtech, advancing innovation and developing new insurance solutions. Under the oversight of the Lloyd’s Lab team, potential ideas reaching the Lab through its expanding programme can ... Read the full article
L&G names Andrew Kail as CEO of PRT division
7th January 2022
Legal & General (L&G) has today announced the appointment of Andrew Kail as Chief Executive Officer (CEO) of Legal & General Retirement Institutional, the group's pension risk transfer (PRT) arm, effective January 1st, 2022. Kail takes over as CEO of the division from Laura Mason, who has transitioned to CEO of ... Read the full article
Allianz completes $35bn reinsurance agreement with Resolution Life
7th January 2022
Allianz Life has completed its previously announced reinsurance agreement with affiliates of Sixth Street, including Talcott Resolution Life Insurance Company, and Resolution Life, for a $35-billion fixed index annuity portfolio. The transaction which was announced last month, unlocks $4.1 billion in value and frees up regulatory capital for Allianz. This deal ... Read the full article
Swiss Re Corporate Solutions acquires TMS Re
7th January 2022
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has acquired TMS Re, an ESL managing general underwriter. The transaction includes TMS Re's operations, its team of experts and business portfolio, including new and renewal business. Through this arrangement, Swiss Re Corporate Solutions broadens its ESL capabilities in the ... Read the full article
Monument Re completes Athora Ireland acquisition
7th January 2022
Life re/insurance holding company Monument Re’s Irish subsidiary, Monument Life Insurance, has completed the acquisition of a closed-block portfolio of variable annuities from Athora Ireland, a wholly-owned subsidiary of Athora Holding. The acquisition was first announced in March last year, with the portfolio has been in run-off since 2017. Financial ... Read the full article
Material variances, but property retro prices rise at Jan renewals: GC
7th January 2022
With 2021 being affected by catastrophe events, property retrocession renewals experienced price increases in both aggregate and occurrence products at 1/1, according to reinsurance broker Guy Carpenter. As expected, the largest changes were in loss-affected accounts as well as low-lying aggregate placements following reductions in available capacity, says Guy Carpenter. The broker ... Read the full article
FEMA secures smaller $1.064bn NFIP flood reinsurance placement for 2022
7th January 2022
The U.S. Federal Emergency Management Agency (FEMA) has renewed the National Flood Insurance Program's (NFIP) reinsurance for 2022, securing $1.064 billion of flood protection for a total premium of $171.9 million. The 2022 renewal sees FEMA transfer less of the NFIP's financial risk to the private reinsurance market when compared with ... Read the full article
Polish insurance market needs surety reinsurance support: Smartt Re
7th January 2022
Smartt Re CEO Tomasz Libront believes the Polish insurance market needs to open up to wider cooperation with foreign reinsurance markets in order to gain capacity for large construction projects. The broker notes that the combined involvement of banks and insurance companies in the Polish construction sector has exceeded PLN 50 ... Read the full article
C-ROSS Phase II to raise risk capital charges on credit insurance: Moody’s
7th January 2022
According to Moody’s, the new China Risk Oriented Solvency System (C-ROSS) Phase II will improve measurement of insurers' loss-absorbing capacity and better align capital charges with actual product and asset risks. The rating agency also noted that credit focus will be on insurers' ability to moderate business growth and reduce investments ... Read the full article
Renewal rate increases imply dramatically better returns: KBW
6th January 2022
Analysts at KBW have said that rate increases for property and casualty business at the January 1 reinsurance renewals imply “dramatically improved expected returns” for reinsurers. Although individual cedents' rate changes varied widely, property catastrophe reinsurance rate increases were measured at around 9% globally and 6.5% in the US, according to ... Read the full article
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